Fed ‘dot plot’ shows 3 rate hikes in 2017

Gold futures settled higher Wednesday, then retreated in electronic trading as the dollar strengthened on the heels of the U.S. Federal Reserve’s decision to raise interest rates for the first time in 12 months.

Gold for February delivery GCG7, -2.11% was at $1,156.20 an ounce in electronic trading shortly after the Fed announcement, down from Wednesday’s settlement of $1,163.70. Wednesday’s finish marked a rebound of $4.70, or 0.4% from Tuesday’s settlement, at a roughly 10-month low.

The Federal Reserve on Wednesday moved forward with an expected interest rate hike and took a slightly more hawkish stance by saying it expects more tightening in 2017 than it did three months ago. The Fed’s so-called “dot plot” showed the central bank has now penciled in three rate hikes in 2017 instead of the two moves seen in September.

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